Health cover: Irdai rule gives consumers more freedom, say experts

Barring insurers from raising prices by adding benefits may also lead to better pricing: Experts

The regulator’s move to bar insurers from raising prices by adding benefits in health products will give consumers the freedom to opt for the benefits they need rather than being forced to accept the extra features, say experts.

To maintain a competitive edge over other products in the same segment, it’s a common practise among insurers to add benefits to the existing products, resulting in an increase in premium for the consumers.

Bhabatosh Mishra, director, underwriting, prod­ucts & claims, Max Bupa Health Insurance, said, “They (the regulator) do not want companies to acquire customers by keeping the price deliberately low and look